Supreme Court warns Amrapali homebuyers on dues, says projects will be wound up
5 years, 4 months ago

Supreme Court warns Amrapali homebuyers on dues, says projects will be wound up

India TV News  

The Supreme Court warned the homebuyers of now defunct Amrapali Group on Wednesday that their unwillingness to pay the outstanding dues may lead to winding up of the stalled projects due to financial crunch. The top court, directed the two forensic auditors --Pawan Aggrawal and Ravi Bhatia -- to complete the audit of two remaining projects, Heartbeat City and O2 Valley --of Amrapali Group, whose registration was scrapped by the apex court under the RERA Act, by September 30 to look into the irregularities committed by the group. On August 26, the apex court had directed that a forensic audit report of Amrapali group be given to the Enforcement Directorate, Delhi Police and the Institute of Chartered Accountants in India for taking appropriate action against the company directors and auditors for allegedly siphoning off over Rs 3,000 crore of home buyers' money. It had directed the state-run NBCC to complete the stalled projects of the Amrapali Group, whose directors Anil Kumar Sharma, Shiv Priya and Ajay Kumar are behind the bars on the top court's order.

Supreme Court Court Homebuyers Pay Home Buyers Projects Noida Group Greater Noida Rera Buyers Directed Outstanding Greater Noida Authorities Warns Amrapali  wound  warns  amrapali  dues  pay  homebuyers  directed  group  noida  buyers  court  projects  outstanding  supreme

History of this topic

Supreme Court lists Amrapali housing case in January after NBCC says it needs cash immediately
2 years, 1 month ago

Supreme Court lists Amrapali housing case in January after NBCC says it needs cash immediately

Hindustan Times  

The Supreme Court on Thursday agreed to list the Amrapali housing case in January, after the National Buildings Construction Corporation informed it that the construction of 46,000 Amrapali housing units faced a serious cash crunch. The NBCC told the court that the units required immediate cash flow by way of sale of unused Floor Area Ratio in select Amrapali projects …

SC Asks Amrapali Home Buyers to Clear Dues; Says Flats Maybe Cancelled Otherwise
3 years, 4 months ago

SC Asks Amrapali Home Buyers to Clear Dues; Says Flats Maybe Cancelled Otherwise

The Quint  

"They will have to strictly follow their payment plans else their units will be cancelled and will be considered as unsold inventory," the bench added. Advocate ML Lahoty, appearing for the home buyers, said that the NBCC had said that they'd be able to hand over about 2,000-2,500 flats in the stalled projects of Amrapali Group by December 2021, if …

Amrapali projects: Relief in sight for homebuyers as 6 banks form consortium to set aside funds for stalled projects
3 years, 4 months ago

Amrapali projects: Relief in sight for homebuyers as 6 banks form consortium to set aside funds for stalled projects

Hindustan Times  

Over 40,000 homebuyers of Amrapali Group can expect relief as a consortium of six public sector banks has agreed to set apart substantial funds towards the stalled construction of the housing project being monitored by the Supreme Court and built by the National Buildings Construction Corporation. Submitting this information to the Supreme Court on Friday, court-appointed receiver, senior advocate R …

SC asks why Amrapali homebuyers not paying remaining money to get flats
3 years, 4 months ago

SC asks why Amrapali homebuyers not paying remaining money to get flats

India Today  

"It is like you have been given lassi, you now want malai on top of that,” commented the Supreme Court bench headed by Justice UU Lalit while hearing pleas filed by Amrapali homebuyers. In the last hearing in August, the apex court had directed around 9,500 homebuyers to get registered and complete due payment to the NBCC within 15 days. …

SC Accepts SBI CAP Funding for 6 Amrapali Projects [Read Order]
4 years, 4 months ago

SC Accepts SBI CAP Funding for 6 Amrapali Projects [Read Order]

Live Law  

The Supreme Court has accepted the funding arrangements proposed by SBI Capital with regard to 6 unfinished Amrapali projects. The Supreme Court has clarified that the funding of these projects, which cover a total of 6973 units, will be provided according to the "Collection Milestones" model, as per the suggestion made by SBI CAP's counsel, senior advocate Harish Salve. Mr. …

Amrapali Group firms bought gold with homebuyers' money
5 years, 5 months ago

Amrapali Group firms bought gold with homebuyers' money

India Today  

As the Supreme Court passed a landmark judgement in the Amrapali case and ordered the Enforcement Directorate to register a money laundering case against the group's officials for fraud, the top court's latest hearing opened a can of worms in the realty firm's operations. Among several other instances of fund diversion and illegitimate use of homebuyers' hard-earned money, the Amrapali …

Amrapali Group firms bought gold with home buyers' money
5 years, 5 months ago

Amrapali Group firms bought gold with home buyers' money

India TV News  

As the Supreme Court passed a landmark judgement in the Amrapali case and ordered the Enforcement Directorate to register a money laundering case against the group's officials for fraud, the top court's latest hearing opened a can of worms in the realty firm's operations. Among several other instances of fund diversion and illegitimate use of home buyers' hard-earned money, the …

Banks colluded with Amrapali developers in misappropriation of loans for housing projects: Supreme Court
5 years, 5 months ago

Banks colluded with Amrapali developers in misappropriation of loans for housing projects: Supreme Court

Firstpost  

More than 40,000 homebuyers are suing Amrapali in a long-running legal battle over delays to projects New Delhi/Mumbai: The Supreme Court on Tuesday said several banks had colluded with Amrapali Developers, one of India’s largest real estate firms, in the misappropriation of loans meant for housing projects. The Supreme Court criticised the lenders for failing to monitor the end-use of …

Relief to homebuyers as SC cancels Amrapali's registration, asks NBCC to complete pending projects
5 years, 5 months ago

Relief to homebuyers as SC cancels Amrapali's registration, asks NBCC to complete pending projects

India Today  

In a big relief to thousands of homebuyers left in the lurch by their builders, the Supreme Court has cancelled the registration of real estate major Amrapali group under the Real Estate Regulatory Authority and lease of its properties granted by Noida and Greater Noida authorities. The Supreme Court also appointed the National Buildings Construction Corporation to complete all the …

SC Orders Attachment Of Bank A/c, 40 Movable Properties Of Real Estate Major Amrapali
6 years, 5 months ago

SC Orders Attachment Of Bank A/c, 40 Movable Properties Of Real Estate Major Amrapali

Live Law  

“Does your client feel that they are above everybody? Ask them not to play hide and seek with the court”, a bench of justices Arun Mishra and U U Lalit told the group’s lawyer P S Patwalia Pulling them up for “defrauding investors and playing dirty games with the court”, theSupreme Court today. Ask them not to play hide and …

Discover Related